discussion Paper 2014: Finance for jobs, growth and infrastructure in the EU
|
|
- Arthur Haynes
- 8 years ago
- Views:
Transcription
1 The Anglo-Italian Financial Services Dialogue discussion Paper 2014: Finance for jobs, growth and infrastructure in the EU ROME, 24 OCTOBER 2014
2 contents 1. Introduction 3 2. Policy Summary 4 3. Ensuring an effective Capital Markets Union 5 4. Securitisation and SMEs 6 5. Long-term investment in infrastructure 7
3 1. Introduction 3 1 Introduction The Anglo-Italian Financial Services Dialogue The Anglo-Italian Financial Services Dialogue is a newly established, cross-sectoral collaboration between the UK and Italian financial and related professional services. Launched in Rome on the 24 October 2014, the dialogue is the product of a collaboration between TheCityUK, the over-arching representative body for financial and related professional services in the UK, and FeBAF, the Italian Banking, Insurance and Finance Federation. In this paper, written for its launch, the Anglo-Italian Financial Services Dialogue presents and explains its initial policy positions aimed at supporting the EU and Italian Presidency of the Council of Europe in promoting a jobs and growth agenda. The EU economy After the global financial and European sovereign debt crises, EU regulation and policymakers focused on frameworks and measures designed for financial stability. At the same time, Europe s economic recovery remained fragile. Now, characterised by both lowgrowth and high unemployment, Europe s economy has underperformed its potential. Despite the low interest rate environment introduced to counter these problems, there has been prolonged de-leveraging in the EU banking, private and public sectors. In addition, falling inflation expectations highlight the ongoing risks of weak economic performance in the EU. Wider structural problems remain, with the EU still facing the challenges of financial fragmentation and an incomplete Single Market. As the Italian Presidency of the Council of the European Union has made clear, the new European mandate will focus on jobs and growth. With reference to the economic challenges described above, the Anglo-Italian Dialogue actively supports this aim. The Anglo-Italian Financial Services Dialogue in 2014 and beyond As an industry forum, the Anglo-Italian Financial Services Dialogue aims to make meaningful contributions to the EU jobs and growth agenda, beginning within the timeframe of the Italian Presidency. With regard to their financial services sectors, the UK and Italy share many strategic interests, not least the desire to contribute to a focus on jobs and growth. The path to jobs and growth in Europe The Anglo-Italian Financial Services Dialogue believes that activating new lending sources throughout Europe, the development of EU capital markets, and revitalised securitisation markets will all promote the growth that the EU needs. In addition, developing a more conducive environment for long-term investors in infrastructure is crucial. Initially, this aim will be pursued though policy suggestions aimed at promoting the jobs and growth agenda, communicated to the Italian Presidency through a joint-statement approach. Wider work streams will also focus on the financial services industry s contribution to jobs and growth at this pivotal moment for the European Union s economic, social and political future. DISCUSSION PAPER 2014: FINANCE FOR JOBS, GROWTH AND INFRASTRUCTURE IN THE EU 2014
4 4 2. Policy Summary 2 policy summary Policy 1: Ensuring an effective Capital Markets Union The development and integration of a Capital Markets Union has the potential to facilitate capital formation and so support jobs, growth and industrial development. A Capital Markets Union can be built for all 28 Member States and its pursuit remain mindful of global competition, financial stability, investor protection and market integrity. Policies 2-3: Securitisation and SMEs The EU s securitisation market can contribute to the EU jobs and growth agenda. The important role of banks and their expertise in the EU securitisation market must be recognised and supported. Moreover, the potential role of insurance sector in this market should not to be de-incentivised. Banks and insurance companies investing in securitisations could be subject to recalibrated rules on the risk-weighting of those assets under the December 2013 Basel Committee re-proposal and the current draft of Solvency II Delegated Acts. Policy makers can support efforts to facilitate this market where possible in the improved connectivity of datasharing and improved contents and connectivity of credit registers. Policies 4-5: Long-term investment in infrastructure The EU and individual Member State institutions can assist in developing a more conducive environment for long-term investors in infrastructure by developing best practices for investors to treat infrastructure assets as a single asset class. Working towards greater promotion and protection of cross-border capital flows, especially foreign direct investment (FDI), could mean EU and Member State policy makers promoting broader adoption of existing international standards in the EU and its Capital Markets Union DISCUSSION PAPER 2014: FINANCE FOR JOBS, GROWTH AND INFRASTRUCTURE IN THE EU
5 3. Policy 1: Ensuring an effective Capital Markets Union 5 3 Policy 1: Ensuring an effective Capital Markets Union 1) The development and integration of a Capital Markets Union has the potential to facilitate capital formation and so support jobs, growth and industrial development. A Capital Markets Union can be built for all 28 Member States and its pursuit remain mindful of global competition, financial stability, investor protection and market integrity. The free movement of capital is an important yet under-developed element of the EU Single Market. While deep and integrated capital markets promote the efficient allocation of capital, in turn promoting job creation and growth in any wider economy, capital markets remain relatively under-developed in Europe. This is especially true when the EU is compared with other advanced economies, such as the US. In short, financial intermediation in Europe remains overly bank-reliant. In this context, it is important to note how the EU s post-crisis period has also been characterised by prolonged bank deleveraging. This factor, when combined with international moves toward more stringent bank capital requirements, has further constrained the availability of finance in the EU. In turn, given its traditional reliance on bank lending, this environment has negatively impacted the EU s large and important SME sector. Nor has an accommodative monetary policy environment in the euro area reversed these trends and, towards the end of the mandate, EU policymakers responded, becoming increasingly keen to promote a bigger role for capital markets. On July , in his Political Guidelines for the next European Commission, the then President-Elect of the European Commission Jean-Claude Juncker gave this policy direction a name: Capital Markets Union. Provided the emphasis remains on the free movement of capital, rather than the design of new market structures that may lose sight of the purpose of capital markets, the Anglo-Italian Financial Services Dialogue welcomes this policy emphasis. The deepening and integration of EU capital markets has the potential to facilitate capital formation and so support jobs, growth and industrial development. Technology is disrupting traditional models of intermediation, including through new platforms for retail investors and SMEs, but Europe can benefit from innovation, looking to successful models of unified capital markets from other jurisdictions such as Japan and the United States. The EU can also integrate its capital markets development in a way that is coherent with the wider EU policy agenda for Market finance solutions such as private placement and in particular revitalised EU securitisation markets will become increasingly important in the EU. As these market finance solutions receive increasing support as the alternatives to traditional bank lending in Europe, it will be important to retain the focus of Capital Markets Union on the needs and participation of all 28 Member States, global competition, financial stability, investor protection and market integrity. As a means of promoting the free movement of capital in Europe, non-legislative and market-based solutions approaches to the development of Capital Markets Union could become a development that is at the heart of, and tested against, efforts towards a successful jobs and growth agenda over EU mandate DISCUSSION PAPER 2014: FINANCE FOR JOBS, GROWTH AND INFRASTRUCTURE IN THE EU 2014
6 6 4. Policies 2-3: Securitisation and SMEs 4 Policies 2-3: Securitisation and SMEs 2) The EU s securitisation market can contribute to the EU jobs and growth agenda. The important role of banks and their expertise and insurers in the EU securitisation market must be recognised and supported. Banks and insurance companies investing in securitisation could be subject to recalibrated rules on the risk-weighting of those assets under the December 2013 Basel Committee re-proposal and the current draft of Solvency II Delegated Acts. 3) Policy makers can support efforts to facilitate this market where possible in the improved connectivity of data-sharing and improved contents and connectivity of credit registers. Providing the practical policy detail for Capital Markets Union is an important task, one which will no doubt feature prominently in the work of both the new European Commissioner and the DG for Financial Stability, Financial Services and Capital Markets Union. The Anglo-Italian Financial Services Dialogue subsequently believes that a revitalised market for high-quality securitisation in the EU could form a large part of Capital Markets Union. This is because securitisation markets can help solve the EU s dual problem: increased financing needs in deleveraging, risk-averse financial and regulatory environments. Securitised products can also promote growth, widening the financial intermediation options available to SMEs via a liberation of bank balance sheets and the conversion of short to long-term funding. At the same time, securitisation markets can be used in deleveraging efforts, making an important contribution to the EU s important macro-prudential goal of post-crisis financial stability. Revitalised securitisation markets can thus contribute to the EU s jobs and growth agenda. Here, the important role and expertise of banks and insurers is important in establishing and growing new securitisation markets and products in the EU. As a first step to encouraging these markets, and by way of recognising their crucial role, banks investing in securitisations might be subject to recalibrated rules on the risk-weighting of those assets under the December 2013 Basel Committee re-proposal. In order to allow securitisations to be a viable investment for insurance companies it is also fundamental to ensure a recalibration of Solvency II capital requirements, which are still set at a much higher level than those set for other assets such as corporate bonds. The long term nature of insurers investments, together with a neutral regulatory environment, makes them one of the main potential investors in this market. Investors and market participants could also be encouraged, particularly as work remains to be done on the post-crisis reputation of securitisation. Transparency and information are key to this end and the Anglo-Italian Financial Services Dialogue believes EU policy makers may support efforts to facilitate the development of securitised financial products by improving, where possible, the connectivity of data-sharing and the contents and connectivity of credit registers. Securitisation may prove to be one of the building blocks of the recovery in Europe, helping to manage risk, promote macro-economic stability, deepen the Single Market and indirectly support the EU s crucial SME sector DISCUSSION PAPER 2014: FINANCE FOR JOBS, GROWTH AND INFRASTRUCTURE IN THE EU
7 5. Policies 4-5: Long-term investment in infrastructure 7 5 Policies 4-5: Long-term investment in infrastructure 4) The EU and individual Member State institutions can assist in developing a more conducive environment for long-term investors in infrastructure by developing best practices for investors to treat infrastructure assets as a single asset class. 5) Working towards greater promotion and protection of cross-border capital flows, especially foreign direct investment (FDI), could mean EU and Member State policy makers promoting broader adoption of existing international standards in the EU and its Capital Markets Union. In the post-crisis move towards fiscal restraint, the governments of EU Member States have restricted expenditure across a spectrum that includes long-term investment in infrastructure. Infrastructure in Europe, however, requires major investment if the EU s pivot towards a jobs and growth agenda is to be sustained. The need for new, private sources of finance including a role for Public Private Partnerships (PPPs) is evident. Consequently, the EU and individual Member State institutions can assist in developing a more conducive environment for long-term investors in infrastructure by developing best practices for investors to treat infrastructure assets as a single asset class. Creating such incentives for private capital to enter the system can go far in countering a dilemma faced by potential infrastructure investors: infrastructure investment is a long-term, illiquid investment in a regulatory environment placing emphasis on short-term, de-risked investing. Within a transparent pipeline of EU infrastructure products to attract global investors, there should be a single asset class for infrastructure investment. EU policy makers can support the need for the transparent data implied therein. While a single asset class for infrastructure investing is required, however, the EU would do well in not producing policy-maker led product creation. Instead, emphasis could be placed on working towards greater promotion and protection of cross-border capital flows, especially foreign direct investment (FDI) in a way that means EU and Member State policy makers promote broader adoption of existing international standards in the EU and Capital Markets Union as it is developed. Mindful of global investment and international standards, EU Policymakers can promote investment and confidence in vital infrastructure projects, and develop best practices for investors to treat infrastructure assets as a single asset class. DISCUSSION PAPER 2014: FINANCE FOR JOBS, GROWTH AND INFRASTRUCTURE IN THE EU 2014
8 TheCityUK represents the UK-based financial and related professional services industry. We lobby on its behalf, producing evidence of its importance to the wider national economy. At home in the UK, in the EU and internationally, we seek to influence policy to drive competitiveness, creating jobs and lasting economic growth. The Italian Banking Insurance and Finance Federation (FeBAF) gathers the main Italian financial associations: ABI (Banking), ANIA (Insurance), Assogestioni (asset management), AIFI (PE and venture capital), Assofiduciaria (fiduciary and trust firms), Assoimmobiliare (real estate firms), Assoprevidenza (private pensions providers) and Assosim (securities intermediaries). The Federation fosters the role of financial industry, presenting its member associations views on economic and social policies both in Italy and in Europe, in order to promote sustainable growth and competitiveness. THECITYUK For further information about this analysis, please contact: Nicky Edwards, Director of Policy and Public Affairs, TheCityUK +44 (0) Edward Price, Policy Manager, TheCityUK +44 (0) TheCityUK, Salisbury House, Finsbury Circus, London EC2M 5QQ ITALIAN BANKING, INSURANCE AND FINANCE FEDERATION, FeBAF Paolo Garonna, Secretary General, FeBAF Franco Delneri, International and European Affairs, Senior Advisor, FeBAF Via San Nicola da Tolentino Roma Avenue Marnix Brussels This report is based upon material in TheCityUK s possession or supplied to us from reputable sources, which we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any guarantee that factual errors may not have occurred. Neither TheCityUK nor any officer or employee thereof accepts any liability or responsibility for any direct or indirect damage, consequential or other loss suffered by reason of inaccuracy or incorrectness. This publication is provided to you for information purposes and is not intended as an offer or solicitation for the purchase or sale of any financial instrument, or as the provision of financial advice. Copyright protection exists in this publication and it may not be produced or published in any other format by any person, for any purpose without the prior permission of the original data owner/publisher and/or TheCityUK. Copyright October 2014
Delegations will find attached the draft Council conclusions on a Capital Markets Union, as prepared by the Economic and Financial Committee.
Council of the European Union Brussels, 16 June 2015 (OR. en) 9852/15 EF 110 ECOFIN 473 SURE 14 UEM 223 NOTE From: To: Subject: General Secretariat of the Council Permanenet Representatives Committee (Part
More informationCouncil Conclusions on Finance for Growth and the Long-term Financing of the European Economy. ECOFIN Council meeting Brussels, 9 December 2014
Council of the European Union PRESS EN COUNCIL CONCLUSIONS Brussels, 9 December 2014 Council Conclusions on Finance for Growth and the Long-term Financing of the European Economy ECOFIN Council meeting
More informationKeynote Speech, EIB/IMF Meeting, 23 October, Brussels
Keynote Speech, EIB/IMF Meeting, 23 October, Brussels Governor Carlos Costa Six years since the onset of the financial crisis in 2008, output levels in the EU are below those observed before the crisis.
More informationLONDON S ROLE IN IMPLEMENTING EUROPEAN CAPITAL MARKETS UNION
LONDON S ROLE IN IMPLEMENTING EUROPEAN CAPITAL MARKETS UNION Text of Speech by Mark Boleat, Policy Chairman, City of London Corporation, at Conference on Building a Capital Markets Union: Challenges and
More informationUK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION
UK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION The UK welcomes the opportunity to respond to this consultation. Creating a Capital Markets Union
More informationFinance for growth, the role of the insurance industry
Finance for growth, the role of the insurance industry Dario Focarelli Director General ANIA Visiting Professor, Risk Management and Insurance, 'La Sapienza' Roma Adjunct Professor, 'Tanaka Business School',
More informationTHE IMPAIRED EU SECURITISATION MARKET: CAUSES, ROADBLOCKS AND HOW TO DEAL WITH THEM
THE IMPAIRED EU SECURITISATION MARKET: CAUSES, ROADBLOCKS AND HOW TO DEAL WITH THEM Introduction The securitisation market in the EU continues to be impaired. Public issuance of Asset Backed Securities
More informationInterview with Gabriel Bernardino, Chairman of EIOPA, conducted by Fabrizio Aurilia, the Insurance Review (Italy)
Interview with Gabriel Bernardino, Chairman of EIOPA, conducted by Fabrizio Aurilia, the Insurance Review (Italy) 1. Since EIOPA was established, how has the role of European supervision of the insurance
More informationPromoting investment. On-going initiatives and the role of Ecofin
Promoting investment On-going initiatives and the role of Ecofin (Informal Ecofin Breakfast meeting, Milan, 13 September 2014) 1. Promoting investment as a driver for growth and jobs Economic performance
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Seventh Meeting April 20, 2013 Statement by Koen Geens, Minister of Finance, Ministere des Finances, Belgium On behalf of Armenia, Belgium, Bosnia
More informationThe EU budget and SMEs
Briefing The EU budget and SMEs Background information for the BUDG Committee Public Hearing on "The EU budget and SMEs" on 15 July 2015 in the European Parliament in Brussels Introduction Small and medium-sized
More informationCMU and a review of the regulatory initiatives affecting the international securities markets ICMA/NCMF Bond Market Seminar, Helsinki Martin Scheck,
CMU and a review of the regulatory initiatives affecting the international securities markets ICMA/NCMF Bond Market Seminar, Helsinki Martin Scheck, 22 January 2015 Contents Introduction current status
More informationMinistry of Finance Finansinspektionen Sveriges Riksbank
Ministry of Finance Financial Markets Department Dnr: Fi2015/04660/FMA/B Banking Dnr: 15-13707 Financial Stability Department Dnr: 2015-00579 European Commission DG Financial Stability Financial Services
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Ninth Meeting April 12, 2014 Statement by Ms. Jutta Urpilainen, Minister of Finance, Finland On behalf of Denmark, Estonia, Finland, Iceland, Latvia,
More informationUpdate on financial regulatory factors affecting the supply of long-term investment finance
11 September 2014 Update on financial regulatory factors affecting the supply of long-term investment finance Report to G20 Finance Ministers and Central Bank Governors I. Summary In February 2013, the
More informationPublic Debt and Cash Management
Federation of European Accountants Federation of European Accountants Fédération Fédération des Experts des Experts comptables comptables Européens Européens Public Sector Public Debt and Cash Management
More informationHow to improve financial stability and resilience of systemically important financial institutions after the crisis?
How to improve financial stability and resilience of systemically important financial institutions after the crisis? EBA Policy Research Workshop How to regulate and resolve systemically important banks
More informationOpening remarks The current economic situation
Opening remarks Anneli Tuominen, Director General of Finnish Financial Supervisory Authority at the 4 th FIN-FSA Conference on EU Regulation and Supervision in Helsinki on 9 June 2015. Introduction Dear
More informationCommuniqué. G20 Finance Ministers and Central Bank Governors Meeting 14-15 April 2016, Washington D.C.
Communiqué G20 Finance Ministers and Central Bank Governors Meeting 14-15 April 2016, Washington D.C. 1. The global recovery continues and the financial markets have recovered most of the ground lost earlier
More informationMr Duisenberg discusses the role of capital markets and financing in the euro area Speech by Willem F Duisenberg, President of the European Central
Mr Duisenberg discusses the role of capital markets and financing in the euro area Speech by Willem F Duisenberg, President of the European Central Bank, at the Waarborgfonds Sociale Woningbouw in Utrecht,
More informationMario Draghi: Europe and the euro a family affair
Mario Draghi: Europe and the euro a family affair Keynote speech by Mr Mario Draghi, President of the European Central Bank, at the conference Europe and the euro a family affair, organised by the Bundesverband
More informationRegulation and the future of the insurance industry
1 Regulation and the future of the insurance industry Speech given by Paul Fisher, Deputy Head of the Prudential Regulation Authority and Executive Director, Insurance Supervision At the Westminster Business
More informationStakeholder Consultation Paper on the Europe 2020 Project Bond Initiative
10 May 2011 Registration no: 5437826103-53 European Commission Directorate General for Economic and Financial Affairs Unit R 4 B-1049 Brussels Belgium E-mail: dg-ecfin@ec.europa.eu Dear Sirs Stakeholder
More informationReport of the Alternative Investment Expert Group: Developing European Private Equity
Report of the Alternative Investment Expert Group: Developing European Private Equity Response from The Association of Investment Trust Companies The Association of Investment Trust Companies (AITC) welcomes
More informationInvestment financing in the European Union
OECD-Euromoney Conference on Long-Term Investment Financing Investment financing in the European Union Keynote address by Ignazio Visco, Governor of the Bank of Italy Paris, 19 November 2015 I first wish
More informationHigh Representative of the Union for Foreign Policy and Security Policy/Vice-President of the European Commission
Jean-Claude Juncker, President-elect of the European Commission Mission letter Brussels, 10 September 2014 Federica Mogherini High Representative of the Union for Foreign Policy and Security Policy/Vice-President
More informationLetter from the President
Letter from the President 1 FEDERAL RESERVE BANK OF NEW YORK 2013 ANNUAL REPORT LETTER FROM THE PRESIDENT The year 2013 marked the centennial of the Federal Reserve System. During the year, the Federal
More informationVice-President Jyrki Katainen Euro changeover conference 25 September 2014, Vilnius. Introduction. Distinguished Guests, Ladies and Gentlemen,
Vice-President Jyrki Katainen Euro changeover conference 25 September 2014, Vilnius Introduction Distinguished Guests, Ladies and Gentlemen, It is a great pleasure to be here in Vilnius today to mark this
More informationG20/OECD HIGH-LEVEL PRINCIPLES OF LONG-TERM INVESTMENT FINANCING BY INSTITUTIONAL INVESTORS
G20/OECD HIGH-LEVEL PRINCIPLES OF LONG-TERM INVESTMENT FINANCING BY INSTITUTIONAL INVESTORS July 2013 This document contains the eighth version of the G20/OECD High-Level Principles on Long-Term Investment
More informationA full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions.
Statement by the Executive Secretary of the Economic Commission for Latin America and the Caribbean, ECLAC, Dr. José Antonio Ocampo, in the name of Regional Commissions of the United Nations It is a great
More informationAlternative Finance for SMEs and Mid-Market Companies Brussels Presentation
Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation 27th November, 2013 Agenda Introduction Backdrop: bank lending to companies in Germany, France, UK, Italy and Spain Policymakers
More informationCommuniqué G20 Finance Ministers and Central Bank Governors Meeting 4-5 September 2015, Ankara, Turkey 1. We met in Ankara to review ongoing economic
Communiqué G20 Finance Ministers and Central Bank Governors Meeting 4-5 September 2015, Ankara, Turkey 1. We met in Ankara to review ongoing economic developments, our respective growth prospects, and
More informationInaugural conference #Invest4Future "THE JUNCKER PLAN" Keynote Speech
Inaugural conference #Invest4Future "THE JUNCKER PLAN" BRUSSELS EUROPEAN PARLIAMENT MONDAY 13 APRIL 2015 Keynote Speech by Franco Bassanini President of Cassa depositi e prestiti (CDP) President Astrid
More informationAPHA Response to the Draft Report (Sept 2014) The Competition Policy Review - 2014. Australian Private Hospitals Association ABN 82 008 623 809
APHA Response to the Draft Report (Sept 2014) The Competition Policy Review - 2014 Australian Private Hospitals Association ABN 82 008 623 809 Executive Summary The Australian Private Hospitals Association
More information95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years
18th Annual Global CEO Survey Redefining competition in a world without boundaries 95% of asset management CEOs say they re very or somewhat confident about growth over the coming three years 82% of asset
More informationTHE EUROPEAN FINANCIAL SERVICES LANDSCAPE IN 2015. Boosting growth, improving competitiveness and adapting to global challenges
THE EUROPEAN FINANCIAL SERVICES LANDSCAPE IN 2015 Boosting growth, improving competitiveness and adapting to global challenges MARCH 2015 The European Financial Services Round Table (EFR) was formed in
More informationUpdate following the publication of the Bank of England Stress Test. 16 December 2014
Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress
More informationLuxembourg Life Assurance for International Investors
Luxembourg Life Assurance for International Investors 2 3 CONTENTS 4 Luxembourg Life Assurance for International Investors 4 A truly international focus 6 Maximum protection 8 Solutions designed for sophisticated
More informationAnnotated Agenda of the Sherpa meeting. Main features of Contractual Arrangements and Associated Solidarity Mechanisms
Annotated Agenda of the Sherpa meeting 21-11-2013 Main features of Contractual Arrangements and Associated Solidarity Mechanisms At their meeting on 26 November the Sherpas are invited to discuss: General
More informationBasel Committee on Banking Supervision. Consultative Document. Basel III: The Net Stable Funding Ratio. Issued for comment by 11 April 2014
Basel Committee on Banking Supervision Consultative Document Basel III: The Net Stable Funding Ratio Issued for comment by 11 April 2014 January 2014 This publication is available on the BIS website (www.bis.org).
More informationENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES
ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,
More informationDatum 28 September 2005 Finansinspektionen Talare Hans Bäckström Möte Nordic Forum 2005, Grand Hotel, Stockholm
ANFÖRANDE Datum 28 September 2005 Finansinspektionen Talare Hans Bäckström Möte Nordic Forum 2005, Grand Hotel, Stockholm P.O. Box 6750 SE-113 85 Stockholm [Sveavägen 167] Tel +46 8 787 80 00 Fax +46 8
More information(Legislative acts) REGULATIONS
24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and
More informationMinistry of Finance > PO Box 20201 2500 EE Den Haag The Netherlands. Date 20 January 2013 Subject Policy Priorities Eurogroup Presidency
Ministry of Finance > PO Box 20201 2500 EE Den Haag The Netherlands Euro area Ministers of Finance Date 20 January 2013 Subject Policy Priorities Eurogroup Presidency Dear Minister, As you are aware, I
More informationA specialist investment manager for US clients
For US clients A specialist investment manager for US clients Sarasin Asset Management Ltd. July 2015 Why invest with Sarasin Asset Management? True client commitment and expertise for 03 US residents
More informationFiduciary Management at BNP Paribas Investment Partners A true partnership approach. For Professional Investors
Fiduciary Management at BNP Paribas Investment Partners A true partnership approach For Professional Investors By taking the fiduciary journey with us, you are engaging in a true working partnership,,
More informationLoan funds Europe s alternative source of business funding
Loan funds Europe s alternative source of business funding Niamh Geraghty Director Audit Deloitte Matthew Foley Director Audit Deloitte Aisling Costello Senior Manager Audit Deloitte The financial crisis
More informationRe: FEE responds to the public consultation on the Small Business Act
DG Enterprise and Industry, Unit D.4 SME Policy development and Small Business Act Sent via e-mail: ENTR-SBA@ec.europa.eu 16 December 2014 Re: FEE responds to the public consultation on the Small Business
More informationCOMMISSION STAFF WORKING DOCUMENT. Executive Summary of the Impact Assessment. Accompanying the document
EUROPEAN COMMISSION Brussels, 11.9.2013 SWD(2013) 332 final COMMISSION STAFF WORKING DOCUMENT Executive Summary of the Impact Assessment Accompanying the document Proposal for a Regulation of the European
More informationGOLDSMITHS University of London COUNCIL. FINANCE AND RESOURCES COMMITTEE 18 March 2014
GOLDSMITHS University of London CNCL/96 14-101 G TREASURY MANAGEMENT OPERATIONS 1 Background COUNCIL FINANCE AND RESOURCES COMMITTEE 18 March 2014 Goldsmiths Treasury Management Policy was last extensively
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationGreen Paper of the European Commission on Long-Term Financing of the Economy
June 2013 Green Paper of the European Commission on Long-Term Financing of the Economy Reply of NASDAQ OMX The NASDAQ OMX Group, Inc. delivers trading, exchange technology and public company services across
More informationAFIC S RESPONSE TO THE REPORT OF THE ALTERNATIVE INVESTMENT EXPERT GROUP RELATING TO EUROPEAN PRIVATE EQUITY
AFIC S RESPONSE TO THE REPORT OF THE ALTERNATIVE INVESTMENT EXPERT GROUP RELATING TO EUROPEAN PRIVATE EQUITY The French Private Equity Association, the Association Française des Investisseurs en Capital
More informationRecommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Portugal
EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 271 final Recommendation for a COUNCIL RECOMMENDATION on the 2015 National Reform Programme of Portugal and delivering a Council opinion on the 2015 Stability
More informationAIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance. For the year ended 31 December 2015. Company number: NI018800
AIB Group (UK) p.l.c. Highlights of 2015 Business and Financial Performance For the year ended 31 December 2015 Company number: NI018800 Contents Page Financial and Business review 1. 2015 Performance
More informationCouncil of the European Union Brussels, 4 July 2014 (OR. en) Mr Uwe CORSEPIUS, Secretary-General of the Council of the European Union
Council of the European Union Brussels, 4 July 2014 (OR. en) 11603/14 ADD 1 COVER NOTE From: date of receipt: 2 July 2014 To: No. Cion doc.: Subject: RECH 323 TELECOM 140 MI 521 DATAPROTECT 100 COMPET
More informationProposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability
Order Code RS22957 September 22, 2008 Proposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability Summary Edward V. Murphy Analyst in Financial Economics Government and
More informationAlternative infrastructure funding and financing
Alternative infrastructure funding and financing Research Paper (commissioned by the Queensland Government) 21 March 2016 Department Of Infrastructure, Local Government and Planning This page intentionally
More informationPreparation of the Informal Ministerial Meeting of Ministers responsible for Cohesion Policy, Milan 10 October 2014
Preparation of the Informal Ministerial Meeting of Ministers responsible for Cohesion Policy, Milan 10 October 2014 Cohesion Policy and economic governance: complementing each other Background paper September
More informationResults of MSCI 2015 Market Classification Review
Results of MSCI 2015 Market Classification Review China A Shares on Track for Inclusion MSCI and CSRC Will Form Working Group to Address Remaining Issues Geneva June 9, 2015 MSCI Inc. (NYSE: MSCI), the
More informationStrengthening Investment, Advancing Europe
Strengthening Investment, Advancing Europe As the world s largest trading block, a prosperous Europe is essential for the health of the global economy. One of the key drivers of economic growth and job
More informationFinancial Instruments for delivery of the ESF. Seminar 21 October 2015 Rome, Italy. Preliminary programme. www.fi-compass.eu
Financial Instruments for delivery of the ESF Seminar 21 October 2015 Rome, Italy Preliminary programme www.fi-compass.eu Financial Instruments for delivery of the ESF Index Context... 3 Information...
More informationEBA Discussion Paper on simple standard and transparent securitisations
European Banking Authority One Canada Square (Floor 46) Canary Wharf London E14 5AA UK 14 January 2015 1 of 5 EBA Discussion Paper on simple standard and transparent securitisations Bundesverband der Deutschen
More informationUnleashing the growth and job creation potential of SMEs
STRATEGY PAPER 15 December 2014 Unleashing Tackling the growth and jobs challenge depends critically on restoring Europe s competitiveness, through a number of fundamental EU strategies, which BUSINESSEUROPE
More informationSocial Business Initiative
The Social Business Initiative of the European Commission Internal Market and Services The electronic version of this leaflet can be found at: http://ec.europa.eu/internal_market/publications/docs/sbi-brochure/sbi-brochure-web_en.pdf
More informationCOMMISSION STAFF WORKING DOCUMENT. Report on the Implementation of the Communication 'Unleashing the Potential of Cloud Computing in Europe'
EUROPEAN COMMISSION Brussels, 2.7.2014 SWD(2014) 214 final COMMISSION STAFF WORKING DOCUMENT Report on the Implementation of the Communication 'Unleashing the Potential of Cloud Computing in Europe' Accompanying
More informationBond markets vote for global recovery
Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global
More informationList of legislative acts
List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment
More informationBOARDS OF GOVERNORS 2002 ANNUAL MEETINGS WASHINGTON, D.C.
BOARDS OF GOVERNORS 2002 ANNUAL MEETINGS WASHINGTON, D.C. INTERNATIONAL MONETARY FUND WORLD BANK GROUP INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL FINANCE CORPORATION INTERNATIONAL
More informationPublic consultation on Building a Capital Markets Union
Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green
More informationReal Estate Investment Trusts (REITs): Tax Policy Rationale
2013 Number 2 Real Estate Investment Trusts (REITs): Tax Policy Rationale 69 Real Estate Investment Trusts (REITs): Tax Policy Rationale Deirdre Donaghy Business Tax Team, Fiscal Policy Division, Department
More informationEDRi s. January 2015. European Digital Rights Rue Belliard 20, 1040 Brussels www.edri.org @EDRi tel. +32 (0) 2 274 25 70
EDRi s Red lines on TTIP January 2015 European Digital Rights Rue Belliard 20, 1040 Brussels www.edri.org @EDRi tel. +32 (0) 2 274 25 70 ABOUT EDRI European Digital Rights is a network of 34 privacy and
More information(DRAFT)( 2 ) MOTION FOR A RESOLUTION
05 Motions for resolutions, and other B8 documents 05_09. Motions to wind up debate on statements by other institutions: Rule 123(2) Cover page EUROPEAN PARLIAMENT 2014 2019 Plenary sitting [.2014] B[8-/2014](
More informationLONG-TERM FINANCING. Investor Perspectives in Europe
LONG-TERM FINANCING Investor Perspectives in Europe LONG-TERM FINANCING Investor Perspectives in Europe Overview In the aftermath of the global financial crisis, a more diversified set of intermediaries
More informationDialogue between the Government and stakeholders a crucial factor for improving Business Environment
Dialogue between the Government and stakeholders a crucial factor for improving Business Environment Anrijs Matīss Deputy State Secretary Ministry of Economics of the Republic of Latvia Brivibas street
More informationArnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision
President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision 118 27. Mai 2008 Banking Supervision in Europe: Developments and Challenges 1. The banking system has gone through major
More informationGREEN PAPER. Building a Capital Markets Union. {SWD(2015) 13 final}
EUROPEAN COMMISSION Brussels, 18.2.2015 COM(2015) 63 final GREEN PAPER Building a Capital Markets Union {SWD(2015) 13 final} EN EN Foreword The Commission's priority Europe's priority is jobs and growth.
More informationThe future of PPP Financing
Sumitomo Mitsui Banking Corporation Europe Limited EPEC Private Sector Forum- Financing Future Infrastructure The future of PPP Financing 6th June 2012 Sumitomo Mitsui Banking Corporation SMBC is a global
More informationCEO Overview - Corporate Governance and Reporting in the UK
Financial Reporting Council Plan & Budget 2011/12 Financial Reporting Council Council Plan & Budget 2011/12 Plan & Budget 2011/12 April 2011 Contents Section 1: CEO Overview 3 Section 2: Major activities
More informationARC Assigns BBB Rating to Italy
ARC Assigns BBB Rating to Italy ISSUER RATINGS DATE Republic of Italy August 28, 2015 ISSUER RATINGS - FOREIGN CURRENCY Medium and Long Term BBB (BBB, Stable) ISSUER RATINGS - LOCAL CURRENCY Medium and
More informationResponse to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )
Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association
More informationThe European Banking and Capital Markets Unions: Challenges and Risks
Foundation for European Progressive Studies Fondazione Italianieuropei The European Banking and Capital Markets Unions: Challenges and Risks Remarks by Fabio Panetta Deputy Governor of the Bank of Italy
More informationPosition Paper. on the
Position Paper on the Communication from the European Commission to the European Parliament and the Council on Strengthening the Social Dimension of the Economic and Monetary Union (COM (2013) 690) from
More informationHow should we assess the implications of a rise in bond yields for UK pension schemes?
How should we assess the implications of a rise in bond yields for UK pension schemes? Executive Summary In common with other, core sovereign bond markets, gilt yields are extraordinarily low by comparison
More informationEU economic. governance. Strong economic rules to manage the euro and economic and monetary union. istockphoto/jon Schulte.
EU economic governance Strong economic rules to manage the euro and economic and monetary union Economic and istockphoto/jon Schulte Responding to the sovereign debt crisis important reforms of EU economic
More informationJanuary 2015. Eurogas Views on the Energy Union and Enhancing Supply Security
January 2015 Eurogas Views on the Energy Union and Enhancing Supply Security Eurogas is the association representing the European gas wholesale, retail and distribution sectors. Founded in 1990, its members
More informationHSBC Securities Services: UK Tax Transparent Funds for Insurers
HSBC Securities Services: UK Tax Transparent Funds for Insurers Global Banking and Markets Cutting complexity to enhance growth The introduction of a UK domicile Tax Transparent Fund, also known as the
More informationImproving opportunities for Initial Public Offerings on growth stock markets in Europe
Directorate-General for Enterprise and Industry Improving opportunities for Initial Public Offerings on growth stock markets in Europe Report from the workshop held on 24 May 2005 in Brussels July 2005
More informationAUDITORS LIABILITY AND ITS IMPACT ON THE EUROPEAN CAPITAL MARKETS ABI RESPONSE TO EUROPEAN COMMISSION DG INTERNAL MARKET CONSULTATION PAPER
AUDITORS LIABILITY AND ITS IMPACT ON THE EUROPEAN CAPITAL MARKETS ABI RESPONSE TO EUROPEAN COMMISSION DG INTERNAL MARKET CONSULTATION PAPER INTRODUCTION In January 2007 the EU Commission published a consultation
More informationThe Role of Financial Services in Society Statement in support of macroprudential policies. Prepared in collaboration with Oliver Wyman
The Role of Financial Services in Society Statement in support of macroprudential policies Prepared in collaboration with Oliver Wyman May 2015 Acknowledgements The project team would like to thank the
More informationStrength Across the Board Investment Excellence in Fixed Income 30 June 2015
Strength Across the Board Investment Excellence in Fixed Income 30 June 205 Recognising the strength and depth of our Fixed Income range across Europe, the US and Emerging Markets CLASS I EUR Performance
More informationReply to the European Commission on the Green Paper on Long-Term Financing of the European Economy
Milan, 25 June 2013 European Commission B- 1049 Brussel EU Identification Number 89046007765-76 Prot. N. 273 /2013 markt-consultation-long-term-financing@ec.europa.eu Reply to the European Commission on
More informationTEXTS ADOPTED Provisional edition
European Parliament 2014-2019 TEXTS ADOPTED Provisional edition P8_TA-PROV(2016)0063 European Central Bank annual report for 2014 European Parliament resolution of 25 February 2016 on the European Central
More informationNovember 2012. Figure 1: New issuance (US$ billion) presents attractive opportunities
November 2012 Emerging market corporate bonds attractive opportunities in a dynamic sector In a world where traditional fixed income investments, such as core government bonds, offer very low returns to
More information28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M.
28.10.2013 The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. Linde Governor Let me begin by thanking you for inviting me to take
More informationFinancial stability, systemic risk & macroprudential supervision: an actuarial perspective
Financial stability, systemic risk & macroprudential supervision: an actuarial perspective Paul Thornton International Actuarial Association Presentation to OECD Insurance and Pensions Committee June 2010
More informationEIB Financing tools for e-health and other ICT based innovation
EIB Financing tools for e-health and other ICT based innovation Harald Gruber Conference on Accelerating Uptake of Innovation for active and healthy ageing across Europe Brussels, 9-10 December 2015 European
More informationUnlocking the Potential of the Social Economy for EU Growth: The Rome Strategy
Unlocking the Potential of the Social Economy for EU Growth: The Rome Strategy Based on the Proceedings of the Rome Conference, November 17 and 18, 2014 On the occasion of its Presidency of the EU Council,
More informationhong kong offi ce Latitude N 22 16' 42" Longitude E 114 9 32"
hong kong offi ce 22 Latitude N 22 16' 42" Longitude E 114 9 32" Hong Kong Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is
More informationOn Corporate Debt Restructuring *
On Corporate Debt Restructuring * Asian Bankers Association 1. One of the major consequences of the current financial crisis is the corporate debt problem being faced by several economies in the region.
More information